The concept of traditional Chinese medicine bucked the trend and strengthened, and the real estate stock market stalled in the short term｜Hong Kong stock market weather vane-Mobile Financial Industry

The concept of traditional Chinese medicine bucked the trend and strengthened, and the real estate stock market stalled in the short term | Hong Kong stock market weather vane

Feng Yi, Financial Associated Press

2023-11-24 19:29:27

Financial News Agency, November 24 (Editor Feng Yi) The three major Hong Kong stock indexes continued to fall after opening higher today. As of the close, the Hang Seng Index fell 1.96%, the Hang Seng Technology Index fell 2.24%, and the State-owned Enterprises Index fell 2.10%.

Let’s take a look at today’s market hot spots. They are as follows: hot sectors generally fell, and the Hang Seng Index pulled back again; the concept of traditional Chinese medicine bucked the trend and strengthened, and attention to the concept of influenza increased; the real estate chain stalled in the short term, and institutions warned that the sustainability of the market was doubtful.

[Hot sectors generally fell and the Hang Seng Index pulled back again]

On the market today, heavyweight technology stocks generally fell. NetEase fell by more than 3%, Xiaomi Group and Meituan fell by nearly 3%, and Tencent Holdings and Kuaishou fell by more than 2%.

Most other sectors also fell, with automobiles and real estate leading the decline, while home appliances, medical outsourcing, mobile games, catering and other sectors all weakened significantly. Only stimulated by the sharp cooling in various places, coal stocks rose.

It is worth noting that the concept of influenza has continued to heat up in recent days, and Chinese medicine stocks have moved higher, with Baiyunshan and China Traditional Chinese Medicine leading the gains.

Today’s Hang Seng Index trading volume for the entire day was HK$88.149 billion. The trading volume for the five trading days this week exceeded HK$80 billion. Market activity has increased significantly compared with the previous two weeks. Overall, Hong Kong stocks are still trying to maintain their upward rebound momentum recently.

Data disclosed by the Hong Kong Stock Exchange shows that a total of 587 Hong Kong stocks were short-sold on November 24, with a total short-selling amount of HK$8.83 billion.

[The concept of traditional Chinese medicine bucks the trend and the concept of influenza is gaining attention]

Today, as the peak of influenza in winter and spring gradually attracts market attention, traditional Chinese medicine concept stocks collectively bucked the trend and closed in the red.

It is worth noting that today the Joint Prevention and Control Mechanism of the State Council continued to follow up and issued notices requiring all localities to prevent and control new coronavirus infections and other key infectious diseases in winter and spring.

The notice also pointed out that since October 2023, influenza and Mycoplasma pneumoniae infection activities have gradually increased in my country. It is expected that influenza will have a national epidemic peak in winter and spring, and Mycoplasma pneumoniae infection will continue to be high in some areas in the future. The prices of related concept stocks or will continue to be stimulated and catalyzed.

[Real estate chain short-term flameout agency warns that market continuity is questionable]

Today, real estate stocks, which have continued to strengthen this week, stalled in the short term. The property sector also fell, which also dragged down the market.

On the news, JPMorgan Chase released a report analyzing the favorable financing policies of real estate companies and rumors of whitelisting of real estate companies that have been hot this week.

JPMorgan Chase believes that banks may avoid it due to concerns about credit risk. In addition, although more financing support may be selectively and conditionally provided to private developers, considering that the current property market sales are still weak and real estate stocks have performed strongly recently, continuous good news may support market enthusiasm in the short term. , but may not be sustainable.